Sec. 1. 32 MRSA §10302, sub-§2, ¶C, as enacted by PL 1985, c. 400, §2, is amended to read:

C. A sales representative acting for an issuer effecting offers or sales of securities in transactions exempt by one or more paragraphs of section 10502, subsection 2, except paragraph S;

Sec. 2. 32 MRSA §10501, sub-§9, ¶D is enacted to read:

D.__The "issuer" of a fractional or pooled interest in a viatical settlement contract means the person who creates, for the purpose of sale, the fractional or pooled interest.__ The "issuer" of a viatical settlement contract that is not fractionalized or pooled means the person effecting the transaction with the investor in such a contract but does not include a broker-dealer or sales representative.

Sec. 3. 32 MRSA §10501, sub-§18, as amended by PL 1997, c. 168, §23, is further amended to read:

18. Security. "Security" means any note; stock; treasury stock; bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit-sharing agreement; any limited partnership interest; collateral - trust collateral-trust certificate; preorganization certificate or subscription; transferable share; investment contract; viatical settlement contract; voting-trust certificate; certificate of deposit for a security; documents of title to and certificates of interest in an oil, gas or other mineral lease or in payments out of production under such lease, right or royalty; any put, call, straddle or option entered into a national securities exchange relating to foreign currency; any put, call, straddle or option on any security, certificate of deposit or group or index of securities, including any interest therein or based on the value thereof; or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. "Security" does not include any insurance or endowment policy or annuity contract under which an insurance company promises to pay money either in a lump sum or periodically for life or some other specified period or any interest in a contributory or noncontributory pension or welfare plan subject to the United States Employee Retirement Income Security Act of 1974.

Sec. 4. 32 MRSA §10501, sub-§21 is enacted to read: